New Jersey Manufacturers Auto Insurance ReviewMonday, 06 January 2014 16:55
New Jersey Manufacturers offers auto insurance and several other insurance products to members of the New Jersey Business & Industry Association and other select groups in the state of New Jersey. The company is known for its excellent financial stability compared to other insurance companies and for its award winning customer service. It is highly rated by third party review organizations for claims processing and customer support satisfaction, and it is one of the best options for auto insurance for those who qualify in the state of New Jersey. It offers unique discounts and reduced premiums in the form of dividends, and it has many unique benefits for its customers.
Company Background Information
New Jersey Manufacturers Company (NJM) was founded in 1913 in order to provide workers compensation coverage to a group of factory workers. The company is currently headquartered in West Trenton and it has over 2,500 employees. It is one of the largest auto insurance companies in the state of New Jersey, writing nearly 800,000 policies for personal passenger vehicles in the state. The other major contributor to the company’s revenue is the workers compensation insurance products. The company is well known for its excellent financial stability compared to other insurance companies, and it is also rated very highly for its customer support. New Jersey Manufacturers has received an “A” rating or better in every year since the company was founded except for one. It currently holds a prestigious “A++” rating from A.M. Best for its superior financial strength and it was awarded 5 out of 5 power circles by J.D. Power for auto claims satisfaction. There are membership criteria in order to be eligible for insurance with New Jersey Manufacturers; a person must be a member of the New Jersey Business & Industry Association.
Pros of New Jersey Manufacturers Auto Insurance
- Excellent customer and claims satisfaction ratings from third party review organizations
- Excellent and industry leading financial stability
- Several high quality auto insurance coverage options
Cons of New Jersey Manufacturers Auto Insurance
- Only available to specific workers in the state of New Jersey
Due to the fact that New Jersey Manufacturers is a mutual insurance company owned by its policyholders, it pays back some of its profits to policyholders in the form of dividends. The company has made dividend payments to its policyholders every year since 1918. Dividends are not guaranteed to every customer but they are made available at the end of every year in the form of reduced premiums for the next year. For auto insurance holders 5% dividends are offered every year of the premiums that they paid. Aside from this unique way of saving money, there are also discounts offered upfront for auto insurance.
Types of Insurance Offered
New Jersey Manufacturers sells the state minimum level of liability coverage for auto insurance along with several other optional insurance coverage choices. The company also offers a roadside assistance program which offers assistance with lockout, battery service, vehicle breakdown, and gas or oil delivery service.
The website is nicely designed and has a good amount of information on personal auto insurance including FAQs, a buyers guide, auto forms, and claims information. Customers can get a quote directly from the website, as NJM sells its insurance directly to its customers. Claims can be reported from the website 24/7 and customers can manage their policies from the website.
Reviews of New Jersey Manufacturers are mostly positive online, with customers being satisfied with the claims process, although there are a small number of negative experiences.
New Jersey Manufacturers is one of the best insurance options for New Jersey residents who qualify. If you are looking for auto insurance in the state of New Jersey or elsewhere now, you can get rates by entering your zip code on this page.
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|AM Best Score||A|
|JD Power Rating||5 out of 5|